Kornitzer Capital Management Inc. KS Sells 150,815 Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Kornitzer Capital Management Inc. KS lessened its position in Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 22.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 526,918 shares of the company’s stock after selling 150,815 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.85% of Treace Medical Concepts worth $3,504,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in TMCI. Gabelli Funds LLC lifted its holdings in shares of Treace Medical Concepts by 1.5% in the 4th quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after purchasing an additional 2,107 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of Treace Medical Concepts by 100.3% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after buying an additional 3,567 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Treace Medical Concepts by 3,441.2% during the second quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock worth $31,000 after acquiring an additional 4,508 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Treace Medical Concepts in the 4th quarter worth about $68,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Treace Medical Concepts by 59.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock valued at $111,000 after acquiring an additional 6,227 shares in the last quarter. Institutional investors and hedge funds own 84.08% of the company’s stock.

Insider Activity at Treace Medical Concepts

In related news, Director James T. Treace acquired 84,000 shares of the stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $5.96 per share, with a total value of $500,640.00. Following the completion of the transaction, the director now owns 1,223,441 shares in the company, valued at approximately $7,291,708.36. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director James T. Treace acquired 84,000 shares of Treace Medical Concepts stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $5.96 per share, with a total value of $500,640.00. Following the completion of the acquisition, the director now owns 1,223,441 shares in the company, valued at $7,291,708.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John T. Treace bought 85,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $6.00 per share, for a total transaction of $510,000.00. Following the completion of the purchase, the chief executive officer now owns 6,473,095 shares of the company’s stock, valued at $38,838,570. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 214,000 shares of company stock worth $1,275,240. 24.43% of the stock is owned by company insiders.

Treace Medical Concepts Stock Performance

TMCI stock opened at $5.45 on Friday. The company has a quick ratio of 2.93, a current ratio of 3.86 and a debt-to-equity ratio of 0.47. The firm has a market cap of $338.94 million, a PE ratio of -6.19 and a beta of 0.21. The business has a 50 day moving average of $6.78 and a 200-day moving average of $8.69. Treace Medical Concepts, Inc. has a 12-month low of $3.92 and a 12-month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The business had revenue of $44.46 million during the quarter, compared to the consensus estimate of $43.00 million. Treace Medical Concepts had a negative net margin of 32.08% and a negative return on equity of 49.53%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.20) EPS. As a group, sell-side analysts expect that Treace Medical Concepts, Inc. will post -0.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TMCI shares. Truist Financial cut their price target on Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating for the company in a research note on Wednesday, August 7th. UBS Group increased their price target on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley raised their price objective on Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $10.25.

Treace Medical Concepts Profile

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.